News & Analysis as of

U.S. Treasury Revenue Rulings

DarrowEverett LLP

IRS Targeting Partnership Basis-Shifting Transaction Schemes

DarrowEverett LLP on

The Internal Revenue Service (“IRS,” or the “Service”) issued guidance on June 17, proposing new regulations and releasing a revenue ruling to challenge the use of basis-shifting transactions by complex partnerships. In...more

McAfee & Taft

Double tax benefit: Expenses paid with PPP funds now tax-deductible

McAfee & Taft on

After months of uncertainty, there is now clear congressional and IRS guidance regarding the deductibility of business expenses for small businesses that have portions of a covered loan forgiven pursuant to the Paycheck...more

Kaufman & Canoles

Commercial Client Alert – November 2020

Kaufman & Canoles on

IRS Issues PPP Loan Forgiveness Guidance - Since creation and rollout of the Paycheck Protection Program (“PPP”) in the spring, businesses and organizations in nearly every industry have been grappling with unanswered...more

McDermott Will & Emery

Weekly IRS Roundup February 10 – 14, 2020

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 10 – 14, 2020. February 10, 2020: The IRS issued a revenue ruling providing guidance...more

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